OREM, Utah, July 23, 2019 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical and transportation industries announced an update from the CEO, Mr. Kim Boyce, today:
It has been a while since I last informed our valuable shareholders of our progress. We are very grateful for the patience and belief in our company that shareholders have shown over the past sixteen years. This letter will bring everyone up to date concerning Reflect Scientific, Inc. (RSI).
RSI is a fully reporting SEC company and has been so since becoming a public company over 16 years ago. In 2018, sales increased 45% due to increased sales of our Cryometrix Liquid Nitrogen Technology powered freezers for the Bio/Pharma sector. All of our freezers are manufactured in the state of Utah, and many efficiencies have been initiated that will decrease our yearly operating costs by $151,000.
RSI started developing cryogenic temperature control systems, using liquid nitrogen, 13 years ago. With the passage of time many improvements have been made and a large body of intellectual property created. We currently have 15 approved patents, with 11 pending patents, having filed 7 patents within the past 18 months.
Today, we are manufacturing and selling our products into the Pharmaceutical, Biotechnology, and Blood Processing Industries. Our line of cryogenic freezers are being used for storage as well as processing - where our customers are showing significant gains in efficiency and increased value being added to their operations. This is evidenced by the fact that we are seeing repeat buyers.
We recently received an award from the State of Utah for introducing green technology for replacing the diesel driven compressor systems for controlling the temperature of Reefer trucks – primarily used for the transportation of produce. Our system was successfully demonstrated with shipments of foodstuff from Utah to Colorado and California. It uses liquid nitrogen as the coolant and offers considerable advantages over its mechanical counterpart in terms of cost, reliability, air pollution, and noise abatement.
In recent months we were approached by a large shipping company to build a temperature controlled container, based on our proprietary liquid nitrogen technology, for the shipment of temperature sensitive pharmaceuticals and biologicals. We have now completed and provided them with a prototype unit that is currently undergoing rigorous testing. Results to date have been very encouraging and the potential for RSI in terms of selling multiple units into this market segment is a very significant development. Cold Chain Management in general is a real opportunity for our company in terms of providing a full range of products that address Storage, Processing, and Shipment.
Another market opportunity has also recently emerged for RSI – the Cannabis Industry. We just completed the production and sale of a cryogenic system for Cannabis (CBD) processing and have been approached to make additional units. Our state of the art CBD (Liquid Nitrogen) chilling systems improve efficiencies of processing companies by up to 10 times what their current equipment does.
Overall, the outlook for RSI is extremely bright – we have the people, technology, and proven access to significant markets to make it happen. Be assured, we will give our best efforts to grow the company and also to keep you more informed of our progress. You may also stay up to date by visiting us at www.reflectscientific.com and www.cryometrix.com.